DLF to take up Rs 7,000 cr projects: Minocha

By Staff
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Google Oneindia News

Chennai, Jun 4: DLF Limited, one of India's largest real estate development companies, has drawn up ambitious plans to acquire lands and take up construction work involving a total investment of about Rs 7,000 crore.

Addressing a press conference here in connection with company's entry into the capital market, DLF Chairman A S Minocha said the company would utilise Rs 3,500 crore of the net proceeds of the issue for land acquisition and development rights.

An equal amount would be spent for development and construction of existing projects while the remaining amount of about Rs 2,000 crore would be utlised for prepayment of loans.

The company proposed to raise Rs 8,750 crore in the lower end of the band and Rs 9,650 crore in the higher end of the band when it enters the capital market on June 11 with a public issue of 175,000,000 equity shares of Rs two each through 100 per cent book building process.

The issue would close on June 14. The price band had been fixed at Rs 500 to Rs 550 per equity share. The floor price was Rs 250 times the face value and the cap price Rs 275 times the face value, Mr Minocha said.

The company had developed 224 million sq ft area including residential, commercial and retail projects. It was developing 44 million sq ft projects and had a land reserve of 10,255 acre, about 50 per cent of which was located in the metros.

The company proposed to build 574 million sq ft projects of which 60 per cent would be residential, 30 per cent commercial and 10 per cent retail, he added.

UNI

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